Mobile commerce company, Pushpay Holdings (NZX: PPH) has scored a Research and Development (R&D) Growth Grant from Government R&D agency Callaghan Innovation worth up to $15 million over three years. It follows the company gaining a $960,000 R&D grant from Callaghan in June 2015.
Pushpay’s CEO, Chris Heaslip, said the funding would provide additional resources to deliver scale and growth in the Pushpay platform through the development of new features, new markets, and scalable engineering processes and practices.
“Pushpay will continue to drive innovation and focus on features that offer simpler, faster and more intuitive ways to increase engagement and make secure payments within an organisation’s community,” he said.
According to Pushpay, Callaghan’s R&D Growth Grants support firms to scale and increase flexibility for greater market impact and maximum return, typically providing support of 20 percent of eligible R&D costs of up a maximum of $5 million per annum.
Pushpay claims to provide mobile commerce tools that “facilitate fast, secure and easy non-point of sale payments between consumers and merchants. The company says it targets merchants that are looking to offer convenient, personalised and intuitive payment solutions to their consumers. It serves three target markets: the faith sector; non-profit organisations and enterprises (both small medium enterprises and corporate organisations).
In October 2016 the company raised $A40m in new capital and listed on the Australian Stock Exchange in addition to the NZX.